Problem:
On September 16, 2009, Donald Dunn sold for $80,000 property with an adjusted basis of $20,000.
The buyer paid $20,000 down with the remaining $60,000 to be paid in four equal annual installments of $15,000 beginning in September 2010 with interest at 12%. How much income does Donald report in 2009 and the following four year? Ignore interest.
Sold property for 80,000
adjusted basis of 20,000